Tesco and Verizon announce dual currency tender offers
UK grocer Tesco and US telecoms company Verizon both announced tender offers for some of their outstanding bonds in euros and sterling. Tesco is offering to buy up to £700m equivalent, while Verizon will confirm the size of its repurchase once it has sold new euro and sterling bonds.
A statement from Tesco said that its offer is being made as part of “Tesco’s continuing efforts to strengthen the balance sheet and are aimed at efficiently using surplus liquidity to reduce gross debt.”
The BB+/Ba1/BB+ rated issuer will accept all of its 2042 and 2057 sterling
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